ANOTHER DAY OF TURMOIL FOR MURDOCH EMPIRE July 18, 2011 8:30am Mayor of London Boris Johnson says Met assistant commissioner John Yates should face difficult questions following the resignation of his boss Sir Paul Stephenson. He singles out Yates’ relationship with former News of the World deputy editor Neil Wallis, who was employed by the Met. Ministers were not informed of the hire. 10:15am David [...]
Tom Alexander quits Everything Everywhere July 18, 2011 THE tale – probably apocryphal – of Alexander’s appointment at Orange is that, over dinner, he was asked by a senior director what he would do if he was in charge. The director was so blown away by the vision, he asked Alexander to run the company. Four years later, after the merger with T-Mobile, [...]
Glencore seals agreement to buy £295m Peruvian copper assets July 18, 2011 COMMODITIES giant Glencore confirmed its agreement to acquire $475m (£295m) of copper assets in Peru yesterday. The deal was struck between its subsidiary Glencore International and Hong Kong-based CST Mining and will see Glencore take a 70 per cent stake in Marcobre, the owner of the Mina Justa copper project in southern Peru. The takeover [...]
Andy Hornby starts as chief executive at Coral July 18, 2011 ANDY Hornby, the former chief executive of Alliance Boots and HBOS, has been appointed chief executive of Coral, the bookmaker, ending a year long search to find a replacement for Nick Rust, who left to join Ladbrokes last year. Hornby stood down from Alliance Boots, owner of the high street chemist, in March, after saying [...]
Philips posts a loss of £1.2bn July 18, 2011 PHILIPS flagged a grim outlook after a surprise quarterly loss that was driven by writedowns on recent acquisitions to reflect weak consumer demand in Europe and the US. The Dutch group yesterday announced an unexpected €1.4bn (£1.2bn) writedown on healthcare and lighting acquisitions that dragged it to a €1.3bn second-quarter net loss, just weeks after [...]
ANALYST VIEWS: IS PHILIPS OVER THE WORST? July 18, 2011 JONATHAN JACKSON | KILLIK & CO Profit at the EBITDA level was €370m, ahead of analysts’ expectations of €304m. The EBITA margin declined to 7.1 per cent of sales, from 9.5 per cent a year ago, with the increase in margin in healthcare being offset by lower margins in consumer lifestyle and lighting. MANOJ LADWA [...]
IBM trounces forecasts with 8pc profit rise July 18, 2011 TECH giant IBM’s quarterly profit rose eight per cent from a year earlier, beating Wall Street forecasts, buoyed by strong growth in sales of its computers and software. The world’s biggest maker of mainframe computers reported second-quarter net income of $3.66bn (£2.88bn), or $3.00 per share, compared with $3.39bn, or $2.61 per share, a year [...]
Halliburton posts 54pc profits jump July 18, 2011 HALLIBURTON, the world’s second-largest oilfield services company, beat forecasts with a 54 per cent jump in quarterly profit yesterday thanks to a US drilling boom. Halliburton is the leader in the North American market in pressure pumping technology that enables oil and gas producers to tap shale fields, and its second quarter results show it [...]
Capital worries hammer BofA July 18, 2011 SHARES in embattled Bank of America slumped up to four per cent yesterday, leading the Dow Jones industrial average lower for a spell, after reports that the bank needs to raise up to $50bn of fresh capital to meet regulatory standards. The US bank, which reports second-quarter results today, was said by analysts to require [...]
CVC sizes up ConvergEx bid July 18, 2011 CVC Capital is thought to be plotting to buy ConvergEx, a US trading-software company, which is part-owned by Bank of New York Mellon. A deal valued at $1.9bn (£1.2bn) may be announced as soon as this week, it emerged yesterday. ConvergEx, formed through a merger in 2006, sells software products and technology-enabled services for asset [...]
